new taxes, modest cuts in government spending but leaves the government with $566 billion in annual deficits over the next ten years. the house plan balances the budget by 2023 with big cuts in domestic spending and major changes to medicare and the tax code. charlie rangel, new york's most famous congressman, is here with me. former chair of the house ways and means committee. start with the chasm between the two plans. is there room for compromise at all between the senate and house plan? >> the major difference is that, obama and most of the country that voted for him really thinks that a time of recession that we're coming out of it that we should be creating jobs and not laying off people just with cuts. that is the difference. the major difference between the senate and the house. republicans say no taxes, no money, no investment. well, that's absolutely ridiculous. in order to get people back to work and having disposable income, you've got to invest in education, the infrastructure, the bridges and the tunnels. there's no money in the republican, because they say that we're taking ca